Political and Economic Systems Test Review

This system is where some laws come from the central government, and some laws come from each state?

1. Unitary2.Confederation 3.Federal4.Parliamentary

• 3. Federal

• The U.K , Russia, Germany and the U.S all have which type of economy?

• 1. traditional• 2 command• 3. mixed• 4. market

• 4. market

• Which economic system has features of traditional, command and market systems?

• 1. Market• 2. Traditional• 3. Mixed• 4. Free Market

• 3. mixed

• Being a member of the European Union provides all EXCEPT:

• 1. one common currency• 2. more human capital for your country• 3. more trade partners• 4. more economic and financial stability

• 2. more human capital for your country

• What type of capital is an employee/ worker• 1. market capital• 2. state capital• 3. capital good• 4. human capital

• 4. human capital

• Which system is where social roles and culture determines how goods are made, sold and bought?

• 1. Mixed• 2. Command• 3. Free Market• 4. Traditional

• 4. Traditional

• What economic system does the government have the biggest impact and control of the economy?

• 1. mixed• 2. command• 3. traditional• 4. market

• 2. command

Presidential and Parliamentary systems have the following in

common:• 1. democratic forms of govt• 2 leader types• 3. ways the power is distributed• 4. currency

• 1. democratic forms of govt

• How does investing in human capital impact a nation’s economy

• 1. it increases the literacy rate and effectiveness of business

• 2. it decreases the amount of unemployment and crime

• 3. it adds to the Gross Domestic product of the country

• 4. all of the above

• 4. all of the above

True or False?

• A quota is the limit a government places on goods that can be imported from another country

• 1. True• 2. False

• 3. traditional

• A trade barrier in which the government places restrictions on imports and exports of certain goods; often backed by military force is…

• 1. tariff• 2. embargo• 3. quota• 4. capitalism

• 2. embargo

• A political system based on 1-party rule; government ownership of economic resources, and decisions are made by the government is?

• 1. communism• 2. capitalism• 3. socialism• 4. fascism

• 1. communism

• An increase in value of all goods and services a country makes from 1 year to another is called?

• 1. currency exchange• 2. economic growth• 3. gross domestic product (GDP)• 4. capital goods

• 2. economic growth

• A tax on an import is a• 1. quota• 2. tariff• 3. embargo• 4. sale

• 2. tariff

• Trade between countries around the world is called…

• 1. International trade• 2. currency exchange• 3. embargo• 4. economic guarantees

• 1. International trade

• Private businesses are part of command economies?

• 1. TRUE• 2. FALSE

• 2 FALSE

• All of the following are questions a nation must answer to build an economy EXCEPT:

• 1 what to produce• 2. who is going to produce it• 3. how to produce• 4. for whom to produce

• 2. who is going to produce it

• A place or situation where money from different countries is bought and sold for a price is… (ex. I go to Germany and have to swap my dollars for Euros)

• 1. economic growth• 2. GDP• 3. exports• 4. currency exchange

• 4. currency exchange

• use of income today in a way that allows growth in the future

• 1. economic growth• 2. GDP• 3. investment• 4. capital goods

• 3. investment

• Which of the following statements is the BEST example of a command economy?

• 1. anyone can easily start a company• 2. anyone can easily make a profit from hard

work 3. the government decides the jobs of its

citizens and what’s for sale• 4. traditional foods are gathered.

• 3. the government decides the jobs of its citizens and what’s for sale

• way in which a nation uses its resources to satisfy people’s needs and wants

• 1. supply and demand• 2. scarcity• 3. GDP• 4. market economy

• 1. supply and demand

• economic system that has features of traditional, command and market systems

• 1. market• 2. mixed• 3. command• 4. traditional

• 2. mixed

• exchange of goods and services between countries

• 1. import• 2. export• 3. trade barrier• 4. international trade

• 4. international trade

• goods and services traded with or sold to other countries

• 1. scarcity• 2. export• 3. import• 4. trade

• 2. export

• word used to describe conflict between people’s desires (wants) and the limited amount of resources

• 1. scarcity• 2. export• 3. import• 4. trade

• 1. scarcity

• goods brought into country from another country through trade or sale

• 1. scarcity• 2. export• 3. import• 4. trade

• 3. import

• allows business owners to compete in market with little government control (owner decides everything about business- capitalism

• 1. market• 2. mixed• 3. command• 4. traditional

• 1. market

• total value of the goods and services produced in a country during a given period of time

• 1. economic growth• 2. capital goods• 3. investment• 4. GDP

• 4 GDP

• When a government limits free trade between countries (embargo, tariff, quotas). Can also be a physical feature (ex. Mountains) or wars, weather, etc.

• 1. scarcity• 2. export• 3. import• 4. trade barrier

• 4. trade barrier

• someone who brings together labor, land and capital goods to produce goods and services. They take risks to start a business.

• 1. entrepreneur• 2. human capital• 3. capital goods• 4. natural resources

• 1. entrepreneur

• governmental system in which the central government makes ALL laws for the country

• • 1. confederation• 2. unitary• 3. autocratic• 4. federation

• 2. unitary

• citizens in this type of system have no say in how the government system is run.

• 1. confederation• 2. unitary• 3. autocratic• 4. federation

• 3. autocratic

government led by king or queen.

• 1. multi-party system• 2. monarchy• 3. one-party system• 4. democracy

• 2. monarchy

• The United States, Germany and the U.K. are examples of a(n) ______ economic system.

• 1. Command• 2. Market • 3. Traditional • 4. Democratic

• 2. Market